Penobscot Investment Management Company Inc. Sells 523 Shares of WEC Energy Group, Inc. (NYSE:WEC)

Penobscot Investment Management Company Inc. decreased its stake in shares of WEC Energy Group, Inc. (NYSE:WEC) by 1.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 26,609 shares of the utilities provider’s stock after selling 523 shares during the period. Penobscot Investment Management Company Inc.’s holdings in WEC Energy Group were worth $2,502,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in WEC. Wellington Management Group LLP increased its position in shares of WEC Energy Group by 17,270.5% during the third quarter. Wellington Management Group LLP now owns 4,718,179 shares of the utilities provider’s stock worth $453,794,000 after acquiring an additional 4,691,017 shares during the period. Raymond James Financial Inc. bought a new position in WEC Energy Group in the fourth quarter worth approximately $188,879,000. JPMorgan Chase & Co. increased its holdings in WEC Energy Group by 17.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,806,360 shares of the utilities provider’s stock worth $462,276,000 after purchasing an additional 699,177 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in WEC Energy Group by 57.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,900,238 shares of the utilities provider’s stock valued at $182,765,000 after purchasing an additional 695,317 shares in the last quarter. Finally, Benjamin Edwards Inc. lifted its holdings in shares of WEC Energy Group by 897.4% in the 3rd quarter. Benjamin Edwards Inc. now owns 568,629 shares of the utilities provider’s stock worth $54,694,000 after buying an additional 511,618 shares during the period. 77.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on WEC shares. StockNews.com downgraded WEC Energy Group from a “hold” rating to a “sell” rating in a report on Thursday, February 6th. Wells Fargo & Company upped their price target on shares of WEC Energy Group from $112.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. BMO Capital Markets lifted their price target on WEC Energy Group from $95.00 to $100.00 and gave the company a “market perform” rating in a report on Wednesday, February 5th. Bank of America upgraded WEC Energy Group from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $90.00 to $98.00 in a research note on Thursday, December 12th. Finally, KeyCorp lifted their target price on WEC Energy Group from $108.00 to $109.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $101.88.

WEC Energy Group Stock Performance

Shares of WEC Energy Group stock opened at $104.32 on Wednesday. The firm has a market capitalization of $32.95 billion, a P/E ratio of 21.60, a PEG ratio of 2.60 and a beta of 0.45. WEC Energy Group, Inc. has a 52 week low of $77.47 and a 52 week high of $110.19. The company has a quick ratio of 0.43, a current ratio of 0.60 and a debt-to-equity ratio of 1.37. The company has a 50 day moving average price of $103.06 and a 200 day moving average price of $98.70.

WEC Energy Group (NYSE:WEC) last announced its quarterly earnings data on Tuesday, February 4th. The utilities provider reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.06). The company had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.50 billion. WEC Energy Group had a net margin of 17.75% and a return on equity of 12.39%. WEC Energy Group’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period last year, the firm earned $1.10 earnings per share. Sell-side analysts expect that WEC Energy Group, Inc. will post 5.23 EPS for the current year.

Insider Activity

In other news, Director Gale E. Klappa sold 25,000 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $108.62, for a total value of $2,715,500.00. Following the sale, the director now directly owns 274,955 shares of the company’s stock, valued at $29,865,612.10. This represents a 8.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ulice Payne, Jr. sold 1,150 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $104.17, for a total transaction of $119,795.50. Following the sale, the director now owns 21,951 shares in the company, valued at approximately $2,286,635.67. This represents a 4.98 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company’s stock.

WEC Energy Group Company Profile

WEC Energy Group, Inc, through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. It operates through Wisconsin, Illinois, Other States, Electric Transmission, and Non-Utility Energy Infrastructure segments.